London — Oil prices fell sharply on Friday amid declining European banking shares and after US energy secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve may take several years, dampening demand prospects.
Banking stocks slid in Europe with Deutsche Bank and UBS hit hard by worries that the worst problems in the sector since the 2008 financial crisis have not yet been contained. “If anything, it will heap even more pressure on China to do the heavy lifting on the demand side over the coming months,” he added.
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